Truist Financial Raises Agree Realty (NYSE:ADC) Price Target to $80.00

Agree Realty (NYSE:ADC) had its price target lifted by Truist Financial from $77.00 to $80.00 in a research note released on Wednesday, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other analysts have also weighed in on the company. Raymond James increased their price target on Agree Realty from $70.00 to $81.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 21st. Stifel Nicolaus increased their target price on shares of Agree Realty from $67.50 to $71.50 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $80.00 price target (up from $77.00) on shares of Agree Realty in a research note on Tuesday, October 1st. KeyCorp increased their price objective on shares of Agree Realty from $68.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. Finally, UBS Group boosted their target price on Agree Realty from $72.00 to $77.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.27.

Agree Realty Price Performance

ADC stock opened at $75.03 on Wednesday. The company has a fifty day simple moving average of $74.61 and a two-hundred day simple moving average of $66.98. Agree Realty has a 52 week low of $54.28 and a 52 week high of $77.47. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $7.55 billion, a P/E ratio of 44.05, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61.

Agree Realty (NYSE:ADC) last released its quarterly earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.72% and a net margin of 32.08%. The company had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the business posted $1.00 EPS. The company’s revenue was up 12.8% on a year-over-year basis. Analysts anticipate that Agree Realty will post 4.11 earnings per share for the current fiscal year.

Agree Realty Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.253 per share. The ex-dividend date of this dividend is Thursday, October 31st. This is a positive change from Agree Realty’s previous monthly dividend of $0.25. This represents a $3.04 dividend on an annualized basis and a yield of 4.05%. Agree Realty’s payout ratio is 178.24%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Agree Realty by 1.8% during the first quarter. Vanguard Group Inc. now owns 14,480,463 shares of the real estate investment trust’s stock valued at $827,124,000 after acquiring an additional 258,217 shares during the last quarter. Long Pond Capital LP increased its holdings in shares of Agree Realty by 489.8% during the first quarter. Long Pond Capital LP now owns 2,868,640 shares of the real estate investment trust’s stock valued at $163,857,000 after acquiring an additional 2,382,252 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Agree Realty by 55.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,815,511 shares of the real estate investment trust’s stock valued at $112,453,000 after purchasing an additional 650,921 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Agree Realty by 5.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,522,014 shares of the real estate investment trust’s stock worth $94,273,000 after purchasing an additional 76,818 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Agree Realty by 3.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,143 shares of the real estate investment trust’s stock worth $79,540,000 after purchasing an additional 43,768 shares during the last quarter. Institutional investors own 97.83% of the company’s stock.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.